Spruce Point Capital Management · activist-deck
Nuvei Corp (NVEI)
119 pages · 5 arc beats · 2 loops
Nuvei Corp (NVEI)
Spruce Point Capital Management · 2021-12 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 58 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Attention-grabbing headline 1 slides 100% 1/1 slides 100% 1/1 slides · 5 hits — 0/1 slides
— 0/1 slides
100% 1/1 slides 100% 1/1 slides — 0/1 slides
Problem presentation 6 slides 100% 6/6 slides 100% 6/6 slides · 38 hits — 0/6 slides
16.7% 1/6 slides 66.7% 4/6 slides 100% 6/6 slides 83.3% 5/6 slides The villain (Nuvei Corp) 10 slides 100% 10/10 slides 100% 10/10 slides · 75 hits — 0/10 slides
— 0/10 slides
80% 8/10 slides 100% 10/10 slides — 0/10 slides
Challenges faced by Nuvei 22 slides 100% 22/22 slides 100% 22/22 slides · 137 hits — 0/22 slides
— 0/22 slides
81.8% 18/22 slides 100% 22/22 slides — 0/22 slides
The conclusion and call to action 19 slides 100% 19/19 slides 100% 19/19 slides · 110 hits — 0/19 slides
— 0/19 slides
73.7% 14/19 slides 100% 19/19 slides 100% 19/19 slides Slide inventory
119 every slide · same image gating as the playbook
01
The slide uses a visual metaphor (dog, cockroach, rat) to imply escalating severity of the target's issues. The 'High Risk Merchant' alert is a key piece of eviname_villain
Open slide detailBeat · Attention-grabbing headline
03
The slide uses a comparative table to establish credibility by showing past successful short-selling/activist campaigns.cite_precedent
04
The slide uses a hierarchical numbering system (1-7 with sub-bullets a-d) to outline the activist short thesis.front_matter
05
Features the Spruce Point Capital Management logo (pine tree).front_matter
Open slide detailBeat · Problem presentation
06
The slide uses a vertical red arrow as a visual anchor for the key pillars of the argument.diagnose_problem
07
Uses red arrows to connect specific executive allegations to the broader narrative of corporate malfeasance.expose_contradiction
08
Uses a vertical arrow structure to denote two distinct investigative pillars.expose_contradiction
09
Uses a vertical arrow structure to denote two distinct investigative threads.expose_contradiction
10
The slide uses a vertical red arrow on the left to visually anchor the 'downside' thesis, listing key risk factors as a sidebar.show_valuation_bridge
11
The slide uses a hub-and-spoke diagram to link Nuvei's CEO and CFO to various associates, highlighting 'concerns' for each.name_villain
Open slide detailBeat · The villain (Nuvei Corp)
13
Uses red boxes and arrows to annotate a screenshot of the CEO's biography.expose_contradiction
Open slide detailBeat · The villain (Nuvei Corp)
14
Uses red boxes to highlight the contradiction and the specific claims being challenged.expose_contradiction
Open slide detailBeat · The villain (Nuvei Corp)
15
Uses a red-bordered callout box to emphasize the contradiction and the criminal record finding.expose_contradiction
Open slide detailBeat · The villain (Nuvei Corp)
16
The slide uses a 'before-after' style comparison of company branding versus public perception/complaints.expose_contradiction
Open slide detailBeat · The villain (Nuvei Corp)
17
The slide uses screenshots of external websites to demonstrate widespread dissatisfaction and organized opposition.expose_contradiction
Open slide detailBeat · The villain (Nuvei Corp)
18
Uses screenshots of forum posts to establish negative reputation.name_villain
Open slide detailBeat · The villain (Nuvei Corp)
19
Uses a red flag icon and red bounding box to emphasize the 'dark history' narrative.expose_contradiction
Open slide detailBeat · The villain (Nuvei Corp)
20
The slide uses a third-party review (MerchantMaverick) to validate the activist's negative thesis about the company's business model.name_villain
Open slide detailBeat · The villain (Nuvei Corp)
21
Uses red callout boxes to emphasize specific negative quotes from customer reviews.expose_contradiction
22
Uses red flag icon and callout boxes to emphasize negative sentiment.expose_contradiction
23
The slide uses the Spruce Point Capital Management logo (the tree) and branding.transition
25
Uses red boxes and arrows to highlight the discrepancy between the official bio and the FBI press release.expose_contradiction
26
The slide uses a red flag icon to signal a warning or 'red flag' event.expose_contradiction
27
Uses red boxes and arrows to draw attention to the discrepancy between historical records and current professional profiles.expose_contradiction
30
Uses Wayback Machine screenshots to demonstrate historical merchant count claims.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
31
Uses red boxes and underlines to highlight the discrepancy between historical claims and IPO filings.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
32
The slide uses a red box to highlight the negative growth percentages for Canada and the U.S. in 2020.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
33
The slide uses a 'Spruce Point Question' vs 'Former Nuvei Executive' format to frame the expert testimony.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
35
The slide uses a tree icon, likely a branding element for Spruce Point Capital Management.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
36
Uses red boxes and underlines to draw attention to the specific contradiction in dates.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
37
Uses a screenshot of a YouTube video as primary evidence for the claim.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
38
Uses screenshots of legal documents with red highlights to emphasize specific allegations.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
39
Uses a red flag icon to draw attention to the contradiction.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
40
Uses a before-and-after screenshot comparison to flag a potential undisclosed departure.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
41
Uses a before-and-after visual comparison of a corporate website to suggest a potential governance or personnel issue.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
42
Uses a red flag icon to denote a 'red flag' or warning sign in the activist narrative.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
43
The slide uses the Spruce Point Capital Management logo (the pine tree) as a visual anchor.name_villain
Open slide detailBeat · Challenges faced by Nuvei
44
The slide uses a combination of data tables and CEO quotes to frame a narrative of scrutiny regarding leadership.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
45
Uses red boxes and arrows to highlight suspicious details in corporate bios and team pages.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
46
The slide uses a red arrow to link a press release about Tassoudji joining ZaaZoom to a legal document detailing Thomas's corporate entities.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
47
Uses legal document screenshots as primary evidence.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
48
The slide uses a red flag icon and red boxes to draw attention to specific incriminating text within a news article snippet.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
49
Includes red-box annotations highlighting specific names and connections.expose_contradiction
Open slide detailBeat · Challenges faced by Nuvei
50
Spruce Point Capital Management branding (pine tree logo).name_villain
Open slide detailBeat · Challenges faced by Nuvei
51
The slide uses a red flag icon to signal a warning/contradiction. It contrasts official financial disclosures with missing public announcements and links key emexpose_contradiction
52
Uses a red flag icon to denote a warning or critical finding.expose_contradiction
53
Uses legal document excerpts as evidence to support the claim of questionable due diligence and association.expose_contradiction
54
The slide uses screenshots of legal documents (emails) to establish a direct connection between the subject company and a known fraudster.expose_contradiction
55
The slide uses excerpts from legal filings to establish a connection between the subject and a known fraudulent entity.expose_contradiction
56
Uses screenshots of legal documents and DOJ/FTC press releases as primary evidence.expose_contradiction
57
Includes a red callout box summarizing the core allegation and red underlines on source text for emphasis.expose_contradiction
58
Uses red callout boxes to highlight specific contradictions in an affidavit.expose_contradiction
59
Uses a red flag icon and red box to highlight the suspicious nature of the business address.expose_contradiction
60
Uses red underlining and red boxes to highlight incriminating text and connections.expose_contradiction
61
Uses screenshots of legal filings/emails to prove knowledge of illicit activity.expose_contradiction
62
Uses a red flag icon to signal a warning/red flag in the activist thesis.expose_contradiction
64
Uses screenshots of LinkedIn profiles and Wayback Machine archives to point out discrepancies in job titles and company affiliations.expose_contradiction
66
Uses direct quotes from financial filings to expose management's lack of transparency regarding the net income impact of the acquisition.expose_contradiction
67
This is a classic 'villain' or 'expose' transition slide used in activist short reports to build narrative tension.transition
68
The slide uses primary source legal documents to link an entity to a parent company.expose_contradiction
69
Uses red callout boxes to draw attention to specific names and addresses in legal documents.expose_contradiction
70
Uses a map to visualize geographic proximity as evidence of a potential shell company or related-party scheme.expose_contradiction
71
Uses a side-by-side comparison of a DOJ press release and a company website bio to highlight the discrepancy.expose_contradiction
72
Uses legal document excerpts to establish a connection between entities and fraudulent activity.expose_contradiction
73
Uses red circles and arrows to annotate specific sections of legal documents.expose_contradiction
74
The slide uses a screenshot of a Google review as primary evidence to support an activist claim.expose_contradiction
75
Uses a red flag icon and a red arrow to highlight the contradiction in the provided tax document.expose_contradiction
77
The slide uses the Spruce Point Capital Management logo (pine tree) as a visual anchor.frame_problem
78
Uses a red flag icon to signal a warning/red flag about company transparency.expose_contradiction
79
Uses a table to contrast company statements with specific disclosure concerns.expose_contradiction
80
The slide uses a red flag icon to signal the controversial nature of the founder's background.expose_contradiction
82
The slide uses a red flag icon to signal a warning or 'red flag' in the company's reporting practices.expose_contradiction
85
The slide uses a Q&A format to present expert testimony that contradicts Nuvei's narrative.expose_contradiction
86
The slide uses a Q&A format to present negative testimony from a former employee.expose_contradiction
87
The slide uses historical data from 2018 to contrast with the current lack of disclosure under Nuvei.expose_contradiction
90
Contains three distinct financial tables and a descriptive paragraph regarding revenue and net income contribution.analyze_data
91
Uses a simple additive equation visual (A + B = C) to compare pre-acquisition headcount to post-acquisition headcount.expose_contradiction
95
Uses screenshots of social media profiles and LinkedIn analytics to cast doubt on the company's scale.expose_contradiction
96
Uses red boxes to highlight negative YoY changes and map financial line items to EBIT/Gross Margin concepts.expose_contradiction
97
Uses a red flag icon to denote the core contradiction being exposed.expose_contradiction
98
Uses screenshots of IPO prospectus and LinkedIn data to challenge financial reporting.expose_contradiction
99
Uses a bridge-style calculation to isolate Smart2Pay revenue from Nuvei's consolidated figures.analyze_data
100
Uses Wayback Machine evidence to highlight potential corporate deception regarding operational footprint.expose_contradiction
101
The tree icon is a branding element for Spruce Point Capital Management.transition
102
The slide uses a visual comparison of two presentation slides to demonstrate the removal of specific data points.expose_contradiction
103
Uses red boxes and arrows to annotate a screenshot of the company's own slide.expose_contradiction
104
Uses a red arrow to visually connect the 'China' label in the left map to a '??' marker in the right map.expose_contradiction
105
Uses a red flag icon to signal a warning/red flag on the company's strategy.expose_contradiction
106
The slide uses a red flag icon to emphasize the risk factor.expose_contradiction
107
Uses a red flag icon to signal warning/suspicion.expose_contradiction
108
Uses red boxes and arrows to highlight the specific data points being restated.expose_contradiction
109
The slide uses red boxes and arrows to visually highlight inconsistencies in reported financial data between two different reporting periods.expose_contradiction
110
Uses a red arrow to visually connect the two conflicting data points.expose_contradiction
111
The slide uses red boxes to highlight specific line items that differ between the two reports, suggesting accounting manipulation or errors.expose_contradiction
112
The slide uses red boxes and an arrow to visually connect and highlight the inconsistent figures in the financial tables.expose_contradiction
113
The slide highlights the divergence between accounts receivable and accounts payable growth rates.analyze_data
114
Includes red arrow annotations highlighting the reduction in share ownership.expose_contradiction
115
The slide uses a red flag icon to emphasize the activist thesis. The table includes a summary row for Max, Average, and Min of the peer group.compare_peers
116
Includes a comparison table of adjusted vs. market data provider enterprise value calculations.show_valuation_bridge
117
The slide highlights the acquisition multiples (7.3x Rev, 21.7x EBITDA) and suggests SafeCharge's significance to Nuvei's current profile.show_valuation_bridge
118
The table highlights a 5.6x blended revenue multiple for acquisitions, with specific callouts for Base Commerce, Smart2Pay, SafeCharge, and Vantage Payments.show_valuation_bridge
119
The table uses a standard bridge from Enterprise Value to Equity Value to Implied Share Price.show_valuation_bridge